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Generation Y…

…also known as Millennials, are due to inherit twice as much from their ‘baby boomer’ parents and grandparents, reveals a recent report by Resolution Foundation.

The inheritance boom is mainly due to older generations having benefited from property increases. However, unfortunately for the Millennials, by the time they receive their inheritance it will be too late in their life to support today’s expensive living standards.

There are a number of ways in which you can distribute your wealth in a way that can support your children now as well as plan for the future. Estate and tax planning is key to this. With the introduction of the residential nil rate band, there is the potential for many to inherit the family home inheritance tax free and various ways to gift assets to support your children at an earlier stage in their lives.